Reverse Charge Mechanism with Relevant POPS Rules

Reverse Charge Mechanism with Relevant POPS Rules Posted: 13 Jun 2013 08:30 PM PDT 1. INTRODUCTION OF REVERSE CHARGE MECHANISM Reverse charge mechanism is not a new concept in service tax. Under the reverse charge mechanism, instead of service provider, the service receiver is liable to pay service tax. But with effect from 1.7.2012 a new scheme of taxation is being brought into...

ICAI clarification regarding news on Bank Branch Audit Limit Posted: 13 Jun 2013 08:30 PM PDT June 12, 2013 ICAI PRESS RELEASE The Institute of Chartered Accountants of India (ICAI) would like to clarify that the present limit for Statutory Bank Branch Audit is still Rs. 20 crore (of advances) and not Rs. 50 crore as being erroneously reported in some sections of the media. This is to...

How to Pay TDS on sale of Immovable property – PPT Posted: 13 Jun 2013 08:29 PM PDT • As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). • Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @...

DVAT – 'Spectacles' & 'sunglasses' are different from each other Posted: 13 Jun 2013 08:25 PM PDT After careful examination of the provisions of DVAT Act, 2004 and definitions of terms like spectacles and sunglasses, it is clear that 'spectacles' and 'sunglasses' are different from each other. Further, the entry no. 115 of schedule III of the DVAT Act, 2004 specifically covers only spectacles.

On Covnersion of Company into LLP, Auditor of the company deemed to be auditor of LLP Posted: 13 Jun 2013 08:25 PM PDT  Ministry of Corporate Affairs' latest Circular which provides important clarifications on the provisions of the Limited Liability Partnership (LLP) Act, 2008 with regard to conversion of a partnership firm into LLP. It has been clarified that the LLP Act, 2008 does not provide for conversion of...

Four year jail Term to then ITO from Pune for accepting bribe Posted: 13 Jun 2013 08:21 PM PDT The Special Judge, CBI Cases, Pune (Maharashtra) has convicted Sh. Manish Nadkar, the then Income Tax Officer, Ward D-3, Pune for demanding & accepting a bribe of Rs. one lakh and sentenced him to undergo four years Rigorous Imprisonment with a fine of Rs.20,000/-. A charge sheet was filed by...

Double Taxation Agreement with Monaco Posted: 13 Jun 2013 08:19 PM PDT U/s 90 of the Income Tax Act, 1961 – Double Taxation Agreement – Agreement for Exchange of Information to Taxes with Foreign Countries – Principality of Monaco NOTIFICATION NO. 43/2013 DATED 12/06/2013  SO 924(E) - Whereas an Agreement (hereinafter referred to as the said...

Download ITR-5 , ITR 6, ITR 7 for A.Y. 2013-14 / FY 2012-13 with Instructions Posted: 13 Jun 2013 07:43 PM PDT Income Tax Department has notified vide Notification No. 42/2013 Dated- 11th day of June, 2013 ITR for Assessment Year 2013-14 or Financial Year 2012-13.  E-Filing Utility of these also be expected to be released soon. Department has already released E-filing Utility for ITR-1, ITR-2, ITR-3, ITR-4...

CBDT releases ITR- 4 E-Filing / Online Utility for AY 2013-14 / FY 2012-13 Posted: 13 Jun 2013 07:17 PM PDT Income Tax Department has released Income Tax Return (ITR ) 4 for e-filing of Returns for A.Y. 2013-14 of Financial Year 2012-13. ITR form can be downloaded from the website  https://incometaxindiaefiling.gov.in/ . 1.     Who can use this Return Form? This Return Form is to be used by an individual...

Conversion of a firm into a Limited Liability Partnership – Clarification Posted: 13 Jun 2013 07:04 PM PDT The Ministry has been examining some of the issues raised by stakeholders with regard to clarifications on the provisions of the Limited Liability Partnership (LLP) Act, 2008 with regard to conversion of a partnership firm into LLP.

Brief on Service Tax Voluntary Compliance Encouragement Scheme, 2013 Posted: 13 Jun 2013 05:30 PM PDT To widen the revenue base from indirect tax collections, the finance ministry has implemented a one-time amnesty scheme for service tax defaulters to pay their dues without any penalty or late payment charges. The Voluntary Compliance Encouragement Scheme (VCES), which came into force after the...

BSNL to Shut Down Telegram Service from July 15 Posted: 13 Jun 2013 11:56 AM PDT One of the last remaining bastions of the telegram, India, has announced it is ceasing telegram services on July 15, in the wake of the rising popularity of smartphones, texting and email. Telegrams – called "taar" in India —  began circulating in the 1850s. The signs of the taar's demise...

A New Investing Tool – Inflation Indexed Bonds Posted: 13 Jun 2013 02:48 AM PDT It is a known fact that Indian economy has been hit hard by continuous inflation over past few years now and inflation has been on a rise unabated. In such a situation when country is passing through an inflationary phase, the returns, incomes, yield- everything fetches you a lesser value as...

Rate of exchange of conversion of Danish Kroner WEF June 14, 2013 Posted: 12 Jun 2013 06:23 PM PDT Notification No. 61/2013-Customs (N.T.) DATED THE 13th June, 2013 In excise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC) hereby makes the following further amendments in the Notification of the Government of India,...

SEBI – Enhancement in Foreign Investment limits in Government debt Posted: 12 Jun 2013 05:36 AM PDT It has been decided that the aforesaid enhanced limit of USD 5 billion shall be available for investments only to those FIIs which are registered with SEBI under the categories of Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds, Pension Funds and Foreign...